Boba Network has successfully launched the first layer-2 to BNB Chain, which brings improved scalability and reduced costs for computation to a prominent blockchain that ranks in the top three in terms of total value locked. The Boba-BNB deployment is the most recent in a string of Boba deployments, and its primary goal is to bolster Boba’s standing as the industry’s sole multi-chain L2 network.
In the case of BNB Chain, Boba is also the very first L2 to launch on the network, which has the potential to provide a major boost to the scaling approach being implemented by BNB Chain. The Boba Network is a blockchain Layer-2 scaling solution and Hybrid Compute platform that offers transactions that are blisteringly fast and fees that are up to 60 times lower than Ethereum.
Hybrid Compute utilizes the capabilities of Web2 on-chain, along with better smart contracts that enable developers and creators to harness off-chain computation and real-world data to create an enhanced experience that is distinct from anything else that is currently available on the market.
Opening BNB Chain To The Next Billion Web3 Users
Even though BNB Chain is substantially faster than the majority of other blockchains, its design is still monolithic, which means that it will ultimately reach a limit in terms of its potential to scale. Scaling through Ethereum Virtual Machine (EVM)-compatible L2 systems is now the only approach that is practically feasible, and Boba will open BNB Chain up to the next billion Web3 users.
The creators of BNB Chain now have a straightforward mechanism to offload non-critical processing onto Boba’s Hybrid Compute and engage with it on-chain, which further enhances the ecosystem’s capacity for scalability. Since it uses a safe native bridge for BNB and other tokens, using Boba from the BNB Chain is a straightforward process. The BNB and BOBA tokens can be used to pay for network transactions, offering users the greatest possible degree of flexibility.
Alan Chiu, Founder and CEO of Enya.ai, a core contributor to Boba Network, said: “BNB Chain is one of the most successful chains outside of Ethereum, cementing a rich and innovative DeFi and NFT ecosystem. It is also a key partner for our vision, as it focuses on the average user and aligns with our goals of bringing 1 billion people to Web3. We are excited to launch on BNB Chain to help that vision come true and grow the multi-chain Web3 experience.”
Lorenzo Stroe, CEO at Nova, said: “We are thrilled to work with Boba Network and truly become a multi-chain project thanks to their built-in bridges and lightning-fast transactions that can greatly reduce the waiting times for players while remaining cheap. We are excited for a long-term collaboration to create a real Metaverse.”
The Go-To Multi-Chain Scaling Solution
In addition to Ethereum, Boba has a reputation for successfully launching on multiple chains, the most notable of which are Fantom, Avalanche, and Moonbeam. Since it has been demonstrated that the technology functions dependably across all chains, Boba has become the multi-chain scaling solution of choice.
The deployment of the BNB Chain also brings a number of important launch partners, including Sushi, the cross-chain DEX, Nova, the Play-to-Mine Miningverse, Lady Blur, a quick-paced 3D role-playing game, and Foxtrot Command, a blockchain trading card game BIZI, Kyo (ChronoGames), and Nifty Souq are some of their additional partners. It is anticipated that these will be deployed on Boba BNB L2 in the coming weeks.
According to the founder of BIZI LABS, Alpesh H. Patel, BIZI LABS is thrilled to be teaming with Boba Networks to assist in making Blockchain technology more approachable and interoperable for users of mass-market smartphones. According to him, the platform is of the opinion that the future will consist of multiple chains.
Patel said that in light of Boba’s recent agreements with other Layer-1’s, most notably Binance Smart Chain (BSC), they are looking forward to providing customers with a simplified interface that allows them to decrease their gas costs on multiple chains by using their mobile phone screens. He said that the BIZI Web3 Mobile platform, when combined with the multi-chain capability of Boba, will enable regular mobile phone users with direct and simple access to Boba’s extensive selection of dApps.
According to Nabil Al Sayed, CEO of Nifty Souq, the company is thrilled to be collaborating with Boba on the first BNB Layer-2 web since it provides a quicker, more affordable, and more convenient experience for the users of Nifty Souq. He stated that the fact that Boba provides solutions made it possible for Nifty Souq to become the first NFT marketplace in MENA to have the BNB network integrated into their platform.
A Game-Changing Move For The Industry
Using Boba, developers working with Ethereum will have the ability to create decentralized applications that make use of infrastructures such as AWS Lambda. This indicates that developers working on Ethereum will have access to smart contracts that, up until now, have been difficult to perform on-chain or have been prohibitively expensive.
On the other hand, the Boba Network was developed and is still being maintained by the Enya team. It possesses a number of features that are among the best available. The NFT Bridge, Price Oracles, Nodes, and Development Stack are only a few of these features. For instance, its NFT bridge supports both L1 and L2 native NFT. Simply expressed, this indicates that NFTs can be easily transferred across Layer-1 and Layer-2 protocols.
On the other hand, BNB Chain is a blockchain that is led by the community, is decentralized, and is immune to censorship. It is powered by BNB. It is composed of the BNB Beacon Chain and the BSC, both of which are compatible with the EVM and make it possible to have a multi-chain ecosystem. It is the most widely used smart contract blockchain in terms of both the volume of transactions and the number of people who participate every day.
Since its creation, BNB Chain has not seen a single instance of downtime despite having completed three billion transactions originating from a total of 163 million distinct addresses. Additionally, it has provided developers with vast user access at ultra-low gas rates. There are around 1,300 active dApps spanning numerous categories, including DeFi, Metaverse, blockchain gaming, NFT, and others. In sum, Boba Network’s deployment of the first L2 to the BNB chain is a momentous development and it is expected to bring fruitful results in the future.
